| IAMGOLD (IAG) Reports Fall of Ground at Westwood Mine - Analyst Blog | |
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IAMGOLD Corporation IAG announced that a localized event (fall of ground) occurred at its Westwood mine in Quebec on May 26. The company reported that none of the employees were injured during the mishap and all were evacuated once the fallen ground material was removed.
Gold production at the mine remained unaffected as Westwood had enough stockpiles and has progressed underground development to the extent that it has many operating underground stopes from which to mine. Mining was stopped in the affected areas and the Westwood emergency response team was immediately deployed. Government authorities, including the provincial safety authorities CSST, and local stakeholders have been notified.
In the first quarter of 2015, Westwood produced 22,000 ounces of gold, at par with expectations. Total cash costs were $1,130 per ounce produced and all-in sustaining costs were $1,507 per ounce sold.
Gold production at the Westwood mine is anticipated in the range of 110,000 ounces to 130,000 ounces for 2015, with the first and fourth quarters accounting for about 40% and the second and third quarters for roughly 60%. The variability is due to mine sequencing within a single sector, as mining focuses on the lower grade lenses in the first and last quarters and the higher grade lenses in the second and third quarters. IAMGOLD expects that Westwood will have some variability in its quarterly production until the operation ramps up to full capacity over the next four years.
Westwood's all-in sustaining costs for 2015 are expected to be in the range of $1,100 to $1,175 per ounce sold. Currently, IAMGOLD carries a Zacks Rank #3 (Hold). Better-ranked gold mining companies include Primero Mining Corp. PPP, Newmont Mining Corporation NEM and Richmont Mines Inc. RIC. While Primero Mining sports a Zacks Rank #1 (Strong Buy), Newmont and Richmont Mines hold a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NEWMONT MINING (NEM): Free Stock Analysis Report IAMGOLD CORP (IAG): Free Stock Analysis Report PRIMERO MINING (PPP): Free Stock Analysis Report RICHMONT MINES (RIC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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IAMGOLD Corporation
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PRODUCER |
CODE : IMG.TO |
ISIN : CA4509131088 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
IAMGOLD is a gold producing company based in Canada. IAMGOLD produces gold, diamonds, lead, niobium, rare earth, silver and zinc in Botswana, in Canada, in Ecuador, in Ghana, in Guyana, in Indonesia, in Mali, in Peru, in South Africa, in Suriname and in Tanzania, develops gold in Burkina Faso, in Ecuador and in French Guyana, and holds various exploration projects in Canada, in Ecuador, in Honduras, in Peru and in South Africa. Its main assets in production are OMAI MINE in Guyana, MOUSKA MINE, PORCUPINE, SLEEPING GIANT, DOYON, NIOBEC and GRAND DUC in Canada, YATELA and SADIOLA in Mali, MUPANE in Botswana, DAMANG PROJECT, TARKWA and TEBEREBIE in Ghana, ROSEBEL in Suriname, ZARUMA in Ecuador, ARDO MINE in South Africa, BUCKREEF in Tanzania, RAWAS GOLD PROJECT in Indonesia and TAMBORAQUE in Peru, its main assets in development are ESSAKANE in Burkina Faso, CAMP CAIMAN in French Guyana and QUIMSACOCHA PROJECT in Ecuador and its main exploration properties are BAMBADJI in Senegal, TEX-SOL, LESPERANCE, CREVIER and WESTWOOD in Canada, ALAMOUTALA (SADIOLA II) and SIRIBAYA in Mali, GILT EDGE MINE & ANCHOR HILL in Ecuador, PODEROSA MINE in Peru and VUELTAS DEL RIO / EL ZAPOTAL in Honduras. IAMGOLD is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.1 billions as of today (US$ 1.7 billions, € 1.5 billions). Its stock quote reached its highest recent level on April 28, 2006 at CA$ 9.98, and its lowest recent point on September 30, 2022 at CA$ 1.27. IAMGOLD has 464 620 000 shares outstanding. |